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talk couldn't get the votes. they pulled it shortly before midnight. jon karl is watching it all from capitol hill. the speaker says he'll try again today. >> reporter: he will, but, gege, this debt ceiling crisis has become a political crisis for republicans. boehner will convene all 240 house republicans this morning to make one final push for it. but the reason he pulled the bill last night is he just couldn't get enough republicans to pass his own bill. republican leaders worked late into the night trying to get the votes to pass their own debt ceiling bill. reporters swarmed around utah republican jason chafitz. he told us he's still not sure. >> i'm surprised they are not twisting and ripping arms off. >> reporter: the speaker said he can't do his job if you respect there to support him. >> i am fully supportive of the speaker. i just can't support his bill but i do support the speaker. >> reporter: but for speaker of the house john boehner, the political stakes could not be higher. >> his leadership of the republicans in the house and being speaker is clearly at stake here if h
's bring in jake tapper and jon karl from capitol hill. jon, they tried to work on a smaller reduction deal but that didn't go much better. >> reporter: the divide is as deep as ever. they outlined 1.7trillion cuts, not enough but democrats called it completely unacceptable because it included cuts to medicare and no tax revenue increases. steny hoyer said he couldn't get a senior democratic vote for a plan. >> that means that it couldn't pass. courthouse have any idnew ideas >> reporter: they're pushing for the big deal, a lot of pain at one, entitle tks. president obama outlined the plan and said, you can't expect seniors to give up $500 when you went own ask for $5 from people like me. wealthy individuals. >> jon, the leader mitchell mcconnell is looking at a contingency plan which could be a short-term extension. >> reporter: he's tight-lipped about what they mean. they could give him a chance to accept that which he ruled out or one with no tax increases. >> the president very clear on that. >> reporter: he said he's not signing any short-term plans. the debt ceiling needs to be raised
answers from our two guests today. budget director, jack lew and jon kyl. two people around the negotiating table. in the meantime, also the report about wanting to go back to the grabbed bargain. speaker boehner said he wants to do that. the president said he wants to do that. the question is whether they can get elements on boararto pass such a thing. that, also is something that is being required right now by the ratings agency. moodys. standards & poors. said they must have some credible deficit reduction plan, 4 trillion or so over the next 10 years because of the way they are looking at the u.s. dollar and threatening to downgrade u.s. credit worthiness, and add to the catastrophic woes a default can bring. >> if we do not have a plan by this friday we will not meet the august 2nd deadline. all right. cristiane, a lot of tension there in washington. be sure to join christiane where she sits down with office of management and budget, jacob lew and senate minority whip, jon kyl on "this week." >> now, filling in for ron claiborne once again is abc's andrea canning. >> go
on the outcome. abc's jon karl joins us with the latest. what about it? how close are we finally to a deal? >> reporter: getting close to a deal. the outlines of this deal include up to $3 trillion in spending cuts over the next ten years including some cuts to popular entitlement programs like medicare and social security, also, elizabeth, it would include a promise or a commitment that congress would bring more money in through tax revenues by reforming the code, closing some of those loopholes, something that congress would act on. >> that last one, isn't that basically a tax increase in disguise? >> well, certainly some will call it that. the rates won't go up. congress would have to act over the next year. if they didn't ago, automatic steps would be taken that both sides wouldn't like which would be tax hikes and spending cuts possibly talking about repealing part of the health care bill. >> even if president obama and speaker boehner reach a deal they have their own rank and file to make happy. i was struck by a comment by barbara mikulski. we heard reports of a trillion dollar cut
. abc's jon karl joins us from washington. all talks secret up until now. what more do we know about what president obama and the speaker of the house have been discussing. >> reporter: a big deal here, george. as you mentioned, this would mean that the president would go along with reductions in spending to social security and medicare, most likely cost of living increases going down and in exchange republicans would accept some increase in tax revenues as part of an overhaul of the tax code. as one top administration told me, we need to do something unthinkable on entitlements. they need to do something unthinkable on tacks. >> unthinkable may be the word. these talks have been going on between the president and speaker boehner but there hasn't been a lot of discussion among a wider conferences in the house and the senate democrats and republicans and i guess the big question coming out of today's meeting, when other leaders find out about it, is it something they can work with and is it something that will fly? >> reporter: a great question. boehner and the president may be able t
the latest for us overnight. good morning, jon. >> reporter: good morning, robin. we are reaching crisis time here on capitol hill. the republicans delayed a vote on their bill in the house because they don't even have enough republican votes to pass their own bill. democrats don't have the votes to pass their bill either. the only thing certain up here right now is that everything is in doubt. >> we appreciate you calling. >> reporter: the calls are pouring in. plenty of outrage but like congress itself, the callers seem hopelessly divided. >> i would really like for him to hold the line against any deal in congress. >> i am calling to ask that you cooperate with the president's efforts. >> reporter: the whole place seems to have broken down. republicans can't even convince some of their own members to vote for the republican plan. in a closed door meeting republican leader eric cantor told fellow conservatives to "stop whining and support the bill." acknowledging "the debt limit vote sucks." across the country, that's the view of washington itself. >> no one is certainly listening to the pe
? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. the only thing that everyone seems to be accepting that any deal won't include any new tax increase. >> that's the big deal. you have harry reid coming up with a plan for democrats. that he says includes $2.7 trillion in spending cuts over the next ten years and gives the president the debt ceiling increase that takes him all of the way to 2013. republicans are already saying that those -- his plan includes gimmicks and phantom cuts. so the republicans are coming up with their plan, which would include about $1 trillion in cuts now. it would require the president to come back to congress next year to ask for another debt ceiling increase. >> that's the huge sticking point for the white house. the president has made it clear time and time again that he won't sign a short-term increase. he squashed it at the meeting last night. >> republicans leaders have said that as well. they didn't want any short-term solution to this problem. they changed their tune on this. white house said
Search Results 0 to 6 of about 7